Lender Exchange, owned by Decision First, is a secure portal that enables law firms to exchange information with lenders in conjunction with the management of their conveyancing panels.

It offers integrated mortgage redemption requests, returning redemption figures within seconds.

Mortgage offers are said to be able to land with law firms within minutes from being issued by lenders.

The portal works together with lenders and law firms to help minimise fraud risks.

It allows conveyancers to be equipped with the information they need so they can be certain that matters are progressing with lenders, taking the guess work out of completions.

The lender will also be adding an extra level of due diligence to its process, checking whether the conveyancer has experience in the BTL market, including work with HMOs and MUFBs and company BTL transactions.

To work with the lender, each conveyancing firm will have to be a member of the Law Society Conveyancing Quality Scheme.

This adds to a new application process the lender introduced that meant brokers can receive a DIP on a BTL mortgage in two minutes, and the application process is paperless.

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Paul Clampin, chief lending officer at Landbay (pictured above), said: “Joining the Lender Exchange is all about providing brokers and borrowers with a quicker, more streamlined process by using only the most highly qualified and experienced conveyancing firms.

“We have focused on making applying for a mortgage with [us] as quick and easy as possible. 

“This will help us to ensure quality in the part of the mortgage process that wasn’t under our control, and to eliminate any delays associated with this. 

“[The portal] is one of a number of technical and service enhancements that [we] have introduced this year, with more to be delivered in the next few months.” 

Justin Parkinson, managing director at Decision First, added: “I am confident that Lender Exchange will be able to deliver all Landbay’s requirements, providing them with the legal firms and the additional technology to enjoy the high level of service to brokers that is so important to them.

“[The portal] was designed to give all lenders unfettered access to the most detailed collection of data, against the widest set of conveyancing firms across all UK regulators.”  

He stated that the portal had over 5,000 law firms on the system, which represented a large proportion of all residential conveyancing firms, and they had a total of 18 lenders on board. 

“Having such a wide spread of law firms, and a wealth of up-to-date data, means we’re well placed to provide lenders with insightful due diligence on their panel firms.”